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Libertex Review 2019 – Platform, Fees, Safety, Pros and Cons

Last Updated: 04. October 2019
Libertex Review 2019 – Platform, Fees, Safety, Pros and Cons
5 (100%) 2 vote[s]

The forex industry is known to have some notable scammers, though in recent years regulators are making an effort to ensure the safety of traders and investors. While some brokers succeed to maintain a positive reputation, others struggle to gain the public’s trust.

To help you in selecting the most reliable broker in the market, we’ve conducted an in-depth review of Libertex and we have found it not to be a good service. Read on to find out why you should stay away from Libertex.

What is Libertex?

Established in 1997, Libertex is an online Forex and CFD broker regulated by CySEC and FSC. The online broker is a multinational brand which was one of the first retail forex brokers in the online brokerage industry and claims to have 2.2M clients worldwide and a staff of 700 employees.

The online broker provides CFD trading services in multiple markets and products including forex, stocks, cryptocurrencies, commodities, ETFs, and indices.

Libertex is part of the Forex Club Group, which is based in Limassol, Cyprus.

Pros and Cons

Pros:

✅Libertex provides a user-friendly in-house trading platform

✅Low minimum deposit requirement of 10 EUR

✅The broker offers zero spreads

✅Regulated by CySEC and FSC

✅Offers the MT4, including an automated trading

Cons:

❌A limited selection of financial instruments

❌ Compared to other CFD brokers in the industry, Libertex offers a low leverage ratio of 1:30 for retail clients

❌ Offers only one account type

❌The broker functions as a market maker

❌Negative user reviews across the internet

❌Libertex charges additional fees – Inactivity fee, withdrawal fee, and transaction fee

Tradable Securities

Librtex offers a modest selection of around 200 financial products categorized into markets and sub-markets:

  • Forex – Major, minor, crosses, exotics  
  • Stocks (shares) – Medical cannabis, automobile industries, consumer good, consumer services, healthcare, finance, energy, industrials, luxury, telecommunications, technologies, materials, and potential trading assets.
  • Metals – Gold, silver, palladium, platinum, and copper.

  • Indices – 15 global indices from different regions across the globe: North America, Europe, Asia, the Middle East, and South America. 
  • Cryptocurrencies – A selection of 40 crypt coins pairs including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple.
  • Agriculture – Corn, wheat, soybean, coffee, sugar, and cocoa.
  • Oil and gas – Brent crude oil, light sweet crude oil, natural gas, WTI crude oil, and heating oil.
  • Exchange-Traded Funds (ETFs) – A selection of 10 ETFs.

Special Features

Although Libertex is a well-known CFD broker that operates since 1997, we could not find many features that differentiate the broker from other forex brokers in the industry. Even so, the broker does offer these trading features:

  • Automated Trading

Libertex provides traders and investors to trade through the in-house trading platform and the popular MetaTrader4 that allows you to automate your trading strategies based on technical indicators. The automated trading is one of the best features of MetaTrader 4 allowing you to program your trading orders through the Expert Advisors (EA) and technical indicators.

  • Zero Spreads

The commission structure of Libertex is unusual – Zero spreads and additional trading commission like the transaction fee, which is taken once the trade has been opened. Yet, trading with zero spreads can be a great advantage for some traders.

Promotions

The broker offers a 100% welcome bonus for users that subscribe to the Libertex financial platform. You can find all the necessary details in this page.

Minimum Deposit Requirement

Libertex maintains a general minimum deposit requirement of 10 EUR if you choose to fund your account with a credit card or your Skrill e-wallet. The maximum deposit allowed by Libertex is $5000. 

The deposit requirement for the Professional account is over €500,000.

Supported Countries

Libertex states on their website to serve 2.2 million clients from more than 110 countries. We recommend our readers to check Libertex legal authorization in your area before you open a trading account.

Bear in mind that the broker does not accept clients from the following countries: United States, European Union, Japan, Afghanistan, Azerbaijan, Bosnia and Herzegovina, Brazil, Guyana, Iraq, Lao PDR, Yemen, Vanuatu, Uganda, Quebec of Canada, Syria, Ethiopia, Sri Lanka, Trinidad and Tobago, Tunisia, Iran, and North Korea.

Languages Supported

Libertex’s website is available in the following languages: English, Spanish, Malay, Portuguese, Russian, Thai, and Chinese (simplifies and traditional). The Libertex in-house trading platform is available in English, Spanish,  German, Indonesian, Malay, Portuguese, Russian, Thai, and Chinese (simplifies and traditional).

Trading Platforms

Libertex offers a selection of two trading platforms: The in-house Libertex web-based platform, the mobile application platform, and the popular Meta Trader 4.

Libertex In-House Trading Platform

Libertex provides easy access to the in-house web-based trading platform that requires one click on the Log-in’ button and a simple registration process. The platform is easy to use, however, it is not perfect for professional traders (the platform lacks advanced features) and it’s a bit complicated for beginners. We find the platform a bit lacking – Unfortunately, the platform is not customizable, and the charting package is a bit disappointing and difficult to configure.

Yet, the news section can be beneficial as well as the instruments menu that includes the top rising and top falling instruments on the day.

The Libertex in-house trading platform is also available as a mobile application on the App Store and Google Play. The mobile application is easy-to-use, however, note that the broker method of execution of orders is based on the market maker model, which has a slightly more expensive cost structure.

Meta Trader 4

In addition to the in-house trading platform, Libertex offers the popular MetaTrader4. Though the platform was launched in 2005, it remains one of the most popular forex and CFD trading platforms with 100 effective trading tools, over 80 technical analysis indicators, and the ability to automate your trading.

Fees, Commissions and Spreads

Compared to other CFD brokers in the industry, Libertex charges additional fees and commissions such as inactivity fee and withdrawal fee. Here are the fees charged by Libertex:

  • Transaction fee – Taken once the trade has been opened.
  • Withdrawal fee – The broker charges a withdrawal fee which varies based on your withdrawal method.
  • Inactivity fee – Libertex charges a fee for inactive accounts for 180 days with a balance of less than $10,000.
  • Rollover/overnight fees – Rollover fee is taken at the end of a trading day at 9 pm GMT as an interest, which may be either positive or negative. Take note that for CFD instruments, the rollover will be triple when rolling over a position from Friday to Monday.

In terms of spreads, Liberetx offers zero spread for both retail clients and professional clients.

Min Deposit and Min Withdrawals

Libertex minimum deposit requirement for a real live trading account is 10 EUR. The minimum withdrawal amount is the same as the deposit amount of 10 EUR and the maximum withdrawal amount is 10,000 EUR through a bank card (Visa only). Take note that the broker charges a withdrawal fee for most withdrawal methods. 

Listed below are the withdrawal options of Libertex:

Withdrawal method Currency available for a transfer Commission Transfer time Minimum amount
Maximum amount
Bank transfer** EUR 0.5% min 2 EUR, max 10 EUR From 2 to 5 working days no no
Skrill EUR no instantly* 10 EUR 2 500 EUR
Bank card (Visa only) EUR 1 EUR 3-5 working days 10 EUR 10 000 EUR
Neteller EUR 1% instantly* 10 EUR 2 500 EUR

Libertex offers the following payment methods:

Deposits

  • Credit/debit card
  • Skrill eWallet
  • Sofort
  • SEPA/International bank wire
  • Neteller
  • Giropay
  • Trustly
  • iDeal
  • Multibanco
  • Rapid Transfer

Withdrawals

  • Credit/debit card
  • Skrill eWallet
  • SEPA/International bank wire
  • Neteller

How to withdraw funds

Follow these steps to withdraw your funds from Libertex

  1. Log in to Liberetx web platform or the mobile application
  2. In the web trading platform, go to Withdraw section. On the mobile platform, select Wallet > Withdraw Funds
  3. Enter the amount you wish to withdraw

Note that Libertex charges a withdrawal fee for withdrawals via bank transfer, bank card, and Neteller.

Account Types

Unlike other brokers in the industry such as Skilling, Libertex does not offer different types of account. Libertex only has one account type. There is, however, a possibility to have a professional account, which grants you access to higher leverage of 1:600. Rather, the broker offers a real live trading account, professional trading account, and a demo account. The requirements for a trader to open a professional account are:

  • Sufficient trading activity in the last 12 months
  • Relevant experience in the financial services sector
  • Financial instrument portfolio of over €500,0001 (including cash savings and financial instruments)

How to Sign Up on Libertex

Libertex sign up is straightforward and can be done in a short time. First, check if you are eligible to open an account with Libertex.

To create a new online trading account, follow the next steps:

  1. First, go to Liberetx’s website and click the Login on the top right side of the home page.
  2. Now, click on the sign-up button on the registration window.
  3. Choose your country and fill in your email address and password.
  4. Fund your account through one of the deposit methods offered by Libertex.

How to Configure Your Trading Account

Once you are done with the signup process, it’s time to set up the trading platform based on your preferences. As we mentioned before, the platform is not customizable so you don’t have a lot of features to add on. First, we recommend changing the default chart template. Note that you cannot add technical analysis indicators unless you click the ‘full screen’ button. Change the chart style to candlestick to get a better visual of the chart.

In order to open a position, you need to hover on a specific instrument on the watch list window and click the ‘open trade position’ button. Choose the amount and the leverage ratio (multiplier) and click buy/sell.

Regulation and Safety of Funds

Libertex is a subsidiary of Indication Investments Limited which is regulated by the Cyprus Securities and Exchange Commission (CySEC) with CIF Licence number 164/12. The broker is also regulated in South African under Libertex Pty. by the Financial Sector Conduct (FSC) with the following FSP Number: 47381.

We could not find much information about Liberetx’s safety of funds measurements for its clients except the Investor Compensation Fund (ICF) which ensures traders a coverage of €20,000 if the brokerage becomes insolvent.

Education, Research and Data

If Libertex succeeds in one area mainly, it is the sector of education, news, research, and data. The broker maintains an informative blog on its website about forex, trading, and cryptocurrencies. There’s also an education section that contains 29 trading lessons including detailed videos. The video course is available on the company’s website and on the in-house trading platform under the ‘All Products’ tab – video course.

Moreover, the broker offers a breaking financial news feed which is available on the website as well as on the Libertex in-house trading platform.

Customer Service

An area where Libertex may be lacking is the customer support. The broker provides multiple customer support channels that include support via phone, email, submit a ticket, live chat, WhatsApp, and Facebook Messenger. The broker also provides an FAQ section on its website on the following topics: banking, verification, trading conditions, trading platforms and terminals, and trading transactions.

However, we have found complaints about the broker’s customer service and the response time and it seems that the broker has a more traditional approach towards customer support.

Final Thoughts

Libertex is a well-known forex and CFD broker regulated by CySEC and FSC which operates in the industry since 1997. The broker has gained recognition all over the industry including 30 international awards.

On the negative side, we have found users complaints about account verification procedures (KYC), withdrawals taking a long time, and a lacking customer support team. Following a quick search on the web, we regret to say that the general reputation of Libertex is not entirely positive.

In conclusion, though Libertex is one of the first online forex and CFD brokers in the industry, we recommend users to check other brokers like Skilling and TD Ameritrade (for US residents) before opening a live trading account.

FAQs

Can US residents trade with Libertex?

No, US residents cannot open an online trading account with Libertex as the broker is not regulated by the SEC (U.S. Securities and Exchange Commission) or CFTC (Commodity Futures Trading Commission). 

Is Libertex regulated?

Libertex is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with CIF Licence number 164/12 and by the Financial Sector Conduct with the following FSP Number: 47381 in South Africa.

How can I contact Libertex in order to open a trading account?

In order to open a new trading account, you can contact Libertex via the following contact methods:

  • Email address – help@libertex.com
  • Phone – +357 22 025 100

What is the maximum leverage ratio offered by Libertex?

Libertex offers a leverage ratio of 1:30 for retail clients, in compliance with CySEC regulations in order to minimize risk, and 1:600 for professional clients.

Can I trade cryptocurrencies with Libertex

Yes. As a matter of fact, Libertex offers a wide range of 40 cryptocurrency pairs including exotic crypto pairs. Those include bitcoin, ethereum, bitcoin cash, litecoin, Ripple, DASH, Monero, IOTA, EOS, NEO, and more.

All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
Tom Chen

Tom is an experienced financial analyst and a former derivatives day trader specialising in futures, commodities, forex and cryptocurrency. He has a B.A. in Economics and Management and his work has been published on a range of publications, including Yahoo Finance, FXEmpire and NASDAQ.com.

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